Elon Musk fires Twitter’s Board to become sole director. According to a Securities and Exchange Commission (SEC) filing, Elon Musk, Twitter’s new ‘Chief Twit,’ has become the microblogging site’s sole director after firing the entire board of directors. This comes just hours after Musk denied a report that the company was planning mass layoffs before November 1.
The billionaire is on a firing spree if US media reports are to be believed and fired top executives of the world’s biggest micro-blogging site on day zero of acquiring Twitter. The top executives of the company included the former CEO Parag Agrawal, the CFO Ned Segal, and the legal and policy head, Vijaya Gadde.
According to Business Today, Musk announced in a separate SEC filing that “the following individuals, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou.” Musk is now both the Director and the CEO of Twitter as a result of this decision. Elon Musk fires Twitter’s Board
Musk, on the other hand, indicated that his position as the sole Director or CEO is just temporary, without providing any explanation.
According to the Washington Post, Musk intends to terminate 25% of Twitter’s workers. Previously, Tesla’s CEO had stated his dissatisfaction with the microblogging site’s management structure.
Three days ago, he finalized his $44 billion buyout of Twitter. Musk’s first order of business was to remove Twitter’s senior executives, including Indian-origin CEO Parag Agrawal and legal head Vijaya Gadde.
He has previously accused the CEO of deceiving him and Twitter investors about the number of phony accounts on the social media platform.
Agrawal took over as CEO of Twitter in November of last year, after co-founder Jack Dorsey stepped down.
